HRN Management Group continually strives to improve and enhance our premier HR employee performance and compensation administration solutions to best serve our clients needs. To that end, on September 26th, 2010 HRN released an impressive collection of Incentease product update/enhancements. It is through direct interaction and feedback from our clients that many of these enhancements became part of Incentease for all current and future clients to utilize.
All clients have been sent a detailed list of all the enhancements and new features that include improved navigation, additional incentive plan options, enhanced reporting capabilities and refined administration controls.
Because Incentease is an online application centrally hosted by HRN, these new features and improvements are currently available for immediate use. There is nothing that Incentease clients need to do, such as downloading, installation or system configuration to begin utilizing these new features.
HRN is offering one hour of free online user training to all Incentease clients to cover the new/enhanced features and functions included in this update. Please call 1-800-897-3308 or email firstname.lastname@example.org to schedule.
For those interested in learning more about Incentease to enhance their overall compensation program with a performance-based variable pay component, go to http://www.hrnonline.com/incentive-plans/default.asp, call 1-800- 897-3308, or email HRN at email@example.com. Free, no obligation online Incentease demonstration webinars are scheduled every month.
Many U.S. employers are planning to use compensation incentives to limit “post-recessionary employee flight”, according to a survey of HR decision-makers by Workscape. The survey conducted at the end of March, 2010 found that 65% of the 476 respondents are considering or strongly considering pay increases to drive retention as the economy recovers, while 46% will consider benefits increases. 79% of those polled or interviewed represented companies with less than 5,000 employees; 7% represented organizations with 5,000 to 10,000 employees; and 13% represented companies with more than 10,000 employees.
Looking back, only 10% of organizations cut employees’ pay as the recession entered its third year in 2009, but 39% froze compensation, respondents indicated. The vast majority of those that awarded increases held them to 3% or less, and only 2% or respondents said their organizations increased average compensation by 5% or more.
Respondents who siad their organizations intend to provide incentives to retain and engage employees as the economy improves are most likely to offer:
- Merit increases (66%)
- Performance-based bonuses (52%)
- Market or equity adjustments (24%)
- Lump sum payments (12%)
Source: SHRM, HR Magazine, Stephen Miller, July 2010, pg 11
SALT LAKE CITY, UT (October 20, 2009) — Jerry P. Nelson, President and CEO of HRN Management Group today announced the release of a revolutionary new online incentive compensation planning and administration solution called Incentive Pro.
Incentive Pro is a simple-to-use and affordable online application designed to make incentive pay programs more effective at achieving and rewarding desired results. Incentive Pro is developed and supported by the same HRN compensation experts that created the popular and successful Compease compensation administration software now in use by over 800 clients.
Mr. Nelson described the underlying philosophy upon which Incentive Pro is created, “Incentive Pro is built on solid business fundamentals; most notably that incentive compensation at its root is a strategic tool to increase revenue and profitability. Therefore the system includes tools and functions to not only track individual performance but also to collectively evaluate plan components and their results; that when measured against pre-determined achievement thresholds, determine concrete ROI statistics.”
Clinton R. Koker, President of HRN’s compensation division added to Mr. Nelson’s comments by stating, “Incentive Pro is not simply an administration tool. It is a strategic solution to improve company performance in targeted areas. In addition to the application, HRN compensation consultants meet with each client to most optimally configure plan components by individual position, and if necessary, develop a customized incentive plan program from the ground up.”
Incentive Pro has been in use by several clients over the past year. Philppe Asselin, VP of Human Resources at Tyndall Federal Credit Union located in Panama City, FL has been using Incentive Pro for 18 months. He had this to say, “Incentive Pro helped us go from good to great in many areas! Performance plans drive performance, but incentives helped our staff members to be more aggressive and become better performers.”
To find out more information about Incentive Pro and to schedule a demonstration please contact our office at 800-940-7522 or e-mail HRN at firstname.lastname@example.org. Information is available online at: www.hrnonline.com/incentivepro
Spending on performance-based bonuses for exempt workers has grown from 10.8 percent of payroll in 2008 to 12.0 percent of payroll in 2009, according to a survey of large employers by Hewitt Associates, a consulting firm. In 2009, employers also dedicated a larger percentage of their payrolls to bonuses for nonexempt employees.
Fifteen years ago, such variable pay spending accounted for approximately 5 percent to 6 percent of payroll. The survey found that employers are budgeting their variable pay bonuses at 11.8 percent of payroll for 2010.
Many employers have had to freeze or cut salaries because of the economic climate. With performance-based bonuses, however, employers can reward their high performers without their budget taking as big a hit as with pay raises across the board.
“Even in the toughest economies, companies are willing to reserve money for top-performing employees as a way to reward their performance and ensure they retain these employees after the job market rebounds,” says Hewitt’s Ken Abosch. “Over the past decade, we’ve seen companies steadily shift from a fixed pay model to one that emphasizes true performance-based awards, and we expect this trend will continue.”
For those interested in learning more about variable pay system planning and implementation, please contact HRN Management Group. On October 20, 2009 HRN is launching a revolutionary new online incentive planning and administrative product called Incentive Pro. Go to www.hrnonline.com for mor information.
Many large employers are planning to make changes to their sales incentive plans during the upcoming fiscal year, such as changing performance measures (60%), changing performance measure weightings (50%), changing incentive formulae or mechanics (49%), and changing their pay mix (20%), according to a survey by Watson Wyatt, a consulting firm.
Conducted among 129 large employers, the survey found that 60% of respondents said sales force productivity and efficiency remains a significant concern. 48% of employers said sales force quota and goal setting is a concern. Just 47% of respondents said they are satisfied or very satisfied with their goal-setting processes.
The survey also found that fewer employers are planning more sales force layoffs as the economy shows signs of improvement. 16% of respondents said they plan to increase sales staffing levels in upcoming fiscal year. By contrast, 12% said they anticipate decreasing their sales staffing levels, down from 53% who said the same in February. Meanwhile, voluntary turnover has declined, with 81% of respondents reporting less than 10% voluntary turnover, down from 51% who said the same in February.
For help reviewing your current incentive compensation plan or to develop a complete incentive plan program from the ground up, contact HRN. Also, ask us about Incentive Pro, a new online incentive planning and administration system from HRN. To schedule an Incentive Pro webinar demonstration call us at 800-940-7522 or email HRN at email@example.com.